W. Va. Code R. § 106-5-3 - Records That Must Be Maintained by Licensed Residential Mortgage Lenders Who Provide the Initial Funding for a Loan

3.1. The lender that provides the initial funding for a loan must maintain the following records:

3.1.a. Loan application, signed and dated by the borrower;

3.1.b. Initial Good Faith Estimate provided, whether by broker or lender;

3.1.c. Subsequent Good Faith Estimates provided by lender;

3.1.d. Required Provider List;

3.1.e. Verification of borrower income and employment as required by the lender;

3.1.f. Required early Truth in Lending Act disclosure;

3.1.g. Any early Truth in Lending Act disclosure provided;

3.1.h. Final Truth in Lending Act disclosure;

3.1.i. Credit report, if obtained;

3.1.j. All written and electronic correspondence, including, but not limited to, e-mails and fax transmissions, between the lender and broker and between the lender and borrower;

3.1.k. HUD-1 or HUD-1A Settlement Statement signed by borrowers and lender or settlement agent, if applicable;

3.1.l. Affiliated Business Arrangement Disclosure Statement, if applicable;

3.1.m. Servicing Transfer Disclosure Statement;

3.1.n. Notice of Servicing Transfer provided by transferee, if applicable;

3.1.o. Right to Receive Appraisal Disclosure, if applicable;

3.1.p. Right of Rescission Notice, if applicable;

3.1.q. Tangible Net Benefit Worksheet, if applicable;

3.1.r. Deed of Trust;

3.1.s. Note or other instrument of indebtedness;

3.1.t. Any appraisal of the property, if applicable;

3.1.u. Home Ownership Equity Protection Act disclosure required by 12 C.F.R. §226.32, if applicable;

3.1.v. Adjustable Rate Mortgage Disclosure, if applicable;

3.1.w. A written justification for using a non-local appraiser, if applicable;

3.1.x. Any commitment or rate lock-in agreements, if applicable;

3.1.y. Copies of all rate sheets used on specific dates and times for the prior three-year period;

3.1.z. A record of all cash, checks, or other monetary instruments received in connection with each residential mortgage loan showing the identity of the payor, the date received, the amount, and purpose;

3.1.aa. A record of all monies disbursed relating to the licensee's business as a mortgage lender including, but not limited to, refunds to borrowers and all disbursements of funds on behalf of borrowers, showing at least the payee, amount, date, and purpose of payment, including identification of the loan to which the payment relates, if any;

3.1.bb. Copies of all written complaints received from customers and written records of the disposition of those complaints;

3.1.cc. A general ledger and subsidiary records sufficient to produce an accurate statement of assets and liabilities and profit and loss statement on a monthly basis;

3.1.dd. A record of all charges or fees assessed to the borrower's account reflecting the amount of the charge or fee, the purpose, and the date imposed;

3.1.ee. A copy of the escrow account detail provided to the borrower annually, if applicable;

3.1.ff. Copies of any written assessment of a borrower's ability to repay the loan according to its terms, if applicable; and

3.1.gg. Itemization of all fees and charges imposed on each loan and received by the lender and by any third-parties. The itemization must include the nature and amount of each fee or charge and the identity of the recipient.

3.2. All records required to be maintained by section 3.1 shall be kept in the specific loan file relating to the individual borrower or loan applicant except for those records listed in subsections 3.1.z, 3.1.aa, 3.1.bb and 3.1.cc.

Notes

W. Va. Code R. § 106-5-3